UK Government tightens sanctions: Ban on Russian diamonds extended to third country processors
On 28 February 2024, the UK Government published the Russia (Sanctions) (EU Exit) (Amendment) (Regulations) 2024, extending the ban on Russian diamonds to restrict the importation of specific Russian-origin diamonds processed in third countries, starting from 1 March 2024.
The ban initially targets diamonds larger than 1 carat, with the threshold reducing to 0.5 carats by 1 September 2024. These measures also cover associated activities like technical assistance and financial services related to diamond imports.
On 1 March 2024, the Guidance released, outlines compliance requirements, including supply chain evidence and licensing provisions. Enforcement falls under HM Revenue and Customs, with criminal penalties for non-compliance. For more detailed information, the Guidance can be found here.
Note on the UK Overseas Territories: the 2024 regulations referred to above have not yet been fully implemented into UKOT law, amendments are expected soon.
The UK General Trade Licence for sanctioned Russian diamonds processed in third countries can be found here.
The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2024 can be accessed here and the Explanatory Memorandum here.
